Dogecoin (DOGE) Has Been Increasing This Month Despite the Failure of the Twitter-Musk Deal
Dogecoin (DOGE) failed to gain enough traction on Saturday as Elon Musk’s Twitter buying failure rejected hopes of widespread adoption of the currency. The price of the world’s largest meme coin fell by more than 4% after the news was published. In recent weeks, the token seems less responsive to Musk’s comments on social media. On Friday, Musk abandoned his plan to buy Twitter for $ 44 billion, accusing the social media company of providing “false” reports about the number of fake accounts. Earlier this year, the billionaire offered to buy Twitter for nearly $ 43 billion. After Musk hinted at a possible merger with Dogecoin on Twitter, DOGE received major praise when the transaction was first announced. The popularity of this sign has been partially offset by the continued support of the world’s rich and its promotion on social networks, which have greatly contributed to the rapid growth of the digital currency. According to a recent analysis, searches for “dogecoin” exploded in 2019 and 2020 after Musk tweeted about it. DOGE owned nearly 30% at the time Twitter’s board of directors gave the green light to a plan to buy Tesla’s CEO. However, this development has changed rapidly.
After the news broke, Twitter chairman Brett Taylor threatened to sue Musk to comply with the terms of the purchase agreement. Musk’s lawyers said in a statement that Twitter had failed or refused to respond to many requests for information about fraudulent or spam accounts on the platform, which is critical to the company’s financial performance.
Meanwhile, although DOGE senses the effects of the deal between Twitter and Musk, some analysts are still optimistic about its future. For example, the price of DOGE may approach $ 0.12 this month. The currency is now trading at $ 0.0699, up 5.5% from last week, according to Coingecko data on Saturday. Traders familiar with the popular commemorative coin agree that it is known for its sudden growth and FOMO-induced madness. Based on technical analysis, the price of DOGE will rise, although it is difficult to determine whether it has bottomed out.